Energy technology start-up Innowatts secured $6 million in funding from a consortium of investors to expand its operations globally.According to a statement, the consortium providing Innowatts with funding consists of Shell Technology Ventures, Iberdrola Ventures-PERSEO and the Energy and Environmental Investment Inc.
Shell Technology Ventures is a subsidiary of Royal Dutch Shell, Iberdrola is a multinational utility providing services to 30 million consumers and Energy & Environmental Investments is Japanese based investment firm focusing on innovation in energy technologies.
Commenting on the development, Siddhartha Sachdeva, the CEO of Innowatts, said: “The capital raised will be used to strengthen Innowatts' global foothold and drive product innovation across its energy analytics and digital e-Utility™ solution suite.
Sachdeva added that the funding also highlights “…the underlying need to translate energy intelligence into actionable and personalized products and services for energy consumers."
Innowatts and innovation in energy sector
The funding comes a few months after the launch of e-Utility suite comprising the company’s solutions to help utility firms optimise their operations and customer services through the elimination of customer churn.
Innowatts began its operations in 2014 in the advanced energy analytics sector by introducing a solution making use of smart meter data, machine learning and predictive analytics to help consumers improve energy efficiency, reduce costs and personalize their energy experience.
The solutions provider expanded its footprint in the utility industry by adding services in grid optimisation, customer engagement and acquisition and energy pricing sectors.
To date, Innowatts claims its solutions are being used to analyse the energy usage patterns and provide insights to some 12 million consumers globally.
Carl Stjernfeldt, North American Venture Manager at Shell Technology Ventures says, "The Innowatts vision is something that we believe could change the retail energy business. Using analytics to disrupt conventional industry practices is something we've seen in other industries, and Innowatts is at the center of this in the retail energy space."
Diego Díaz of Iberdrola, added: "Iberdrola is truly excited to be a part of Innowatts' future. During the last few years, we have invested heavily in technology and innovation as pillars of our digitization strategy and Iberdrola's digital plan for 2020 is aimed at boosting the turnover thanks to an investment of €3,100M. The investment in Innowatts, through our corporate VC arm will help us leverage data analytics and machine learning to transform the way energy is bought, sold, managed and consumed."
Shuichiro Kawamura of EEI- Japan, reiterated: "Japan's recent retail energy deregulation has provided our $200 billion utility industry a unique opportunity to structurally transform its operating model, and further its digitalization in energy procurement, marketing, demand response, and energy efficiency. We believe Innowatts is uniquely positioned to be an enabler of that transformation."
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